Kontoor Brands (NYSE:KTB) Issues FY 2024 Earnings Guidance

Kontoor Brands (NYSE:KTB) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 4.830-4.830 for the period, compared to the consensus EPS estimate of 4.770. The company issued revenue guidance of $2.6 billion-$2.6 billion, compared to the consensus revenue estimate of $2.6 billion. Kontoor Brands also updated its FY24 guidance to $4.83 from $4.80 EPS.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Guggenheim raised their price objective on Kontoor Brands from $80.00 to $100.00 and gave the company a “buy” rating in a research report on Friday. Wells Fargo & Company increased their price target on Kontoor Brands from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Barclays upped their price objective on shares of Kontoor Brands from $83.00 to $100.00 and gave the company an “overweight” rating in a report on Friday. UBS Group lifted their target price on shares of Kontoor Brands from $103.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Stifel Nicolaus lowered shares of Kontoor Brands from a “buy” rating to a “hold” rating and upped their price target for the company from $89.00 to $93.00 in a research note on Friday. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $95.00.

Kontoor Brands Stock Performance

NYSE:KTB traded down $3.98 during midday trading on Friday, hitting $81.65. The company’s stock had a trading volume of 1,159,909 shares, compared to its average volume of 485,484. Kontoor Brands has a fifty-two week low of $39.90 and a fifty-two week high of $89.76. The company has a debt-to-equity ratio of 2.04, a current ratio of 2.74 and a quick ratio of 1.43. The firm has a market cap of $4.55 billion, a P/E ratio of 18.39, a P/E/G ratio of 1.99 and a beta of 1.20. The firm’s 50 day moving average is $77.81 and its 200-day moving average is $71.34.

Kontoor Brands (NYSE:KTB) last issued its quarterly earnings data on Thursday, October 31st. The company reported $1.37 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.12. Kontoor Brands had a net margin of 9.35% and a return on equity of 72.43%. The business had revenue of $670.19 million for the quarter, compared to analysts’ expectations of $663.45 million. During the same quarter last year, the company earned $1.22 EPS. The business’s revenue was up 2.4% on a year-over-year basis. Equities analysts anticipate that Kontoor Brands will post 4.8 earnings per share for the current fiscal year.

Kontoor Brands Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Monday, December 9th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 2.55%. This is an increase from Kontoor Brands’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Monday, December 9th. Kontoor Brands’s dividend payout ratio is presently 46.85%.

Kontoor Brands Company Profile

Kontoor Brands, Inc, a lifestyle apparel company, designs, produces, procures, markets, distributes, and licenses denim, apparel, footwear, and accessories, primarily under the Wrangler and Lee brands. The company operates through two segments: Wrangler and Lee. It licenses and sells apparel under the Rock & Republic brand name.